learn about new bank fees and why free is still

FALL 2011
learn about new
bank fees
and why free is still
free at your Credit Union
Page 3
Easy ways to find
and fund a car
Page 2
Buying or selling
your home?
Talk to our experts!
Page 3
Inspire your students
with a $5,000
education grant
Page 4
Members-only Rates Free Still Means Free at Your Credit Union
Car buying tips
Beat the Competition
to help you
Did you know every time a consumer swipes a debit card to make
a purchase, banks charge the merchant a fee for using that service?
get the car you want
As a SchoolsFirst FCU Member,
you have access to low rates and fees.
As the car model year comes to a close, dealerships will
once again look to end the year strong and make space for
new-year models. However, the process of smart car buying
remains the same no matter what the shopping conditions.
Here are three tips to help you negotiate the best price on
your new set of wheels:
Auto Loan or Refinance
Whether you’re purchasing a new or used car, or looking to refinance
your existing car loan from another lender, SchoolsFirst FCU delivers
competitive rates and promises a simple funding process.
New Cars 1
1. Before hitting the lot, look into current incentives and
rebates for the makes and models you’re considering.
And be flexible: you may find better deals on other makes
and models that still offer what you’re looking for in a car.
36
48
60
72
SchoolsFirst FCU
2.99%
2.99%
2.99%
3.24%
Bank Average
3.39%
3.69%
3.91%
4.55%
Used Cars 1
36
48
60
72
2.Next, make sure you know the true market value of the
car you want to buy and your trade-in (if applicable).
SchoolsFirst FCU
2.99%
3.24%
3.24%
3.65%
Bank Average
3.54%
3.84%
4.06%
4.76%
3.Finally, prearrange your financing, so you’ll know how
much you can spend. Better yet, get a convenience check
good up to the amount of your loan and you’ll gain the
negotiating power of a cash buyer.
Need help narrowing down your options?
Credit Card
If you’d like help sorting through the options, SchoolsFirst FCU
can pair you with the car-buying pros at AutoNation Direct.
They offer personalized service to ensure you get the car you
want at the best available market price. You’ll also get ongoing
service discounts and a money-back guarantee.
Ready to make a deal?
Our low-rate, Low to No Fee Visa® offers zero-liability fraud protection,
purchase protection, travel and emergency assistance, auto rental
insurance and more.
2
8.50% 2
APR
Wells
Fargo Citibank
10.99% 11.99% 10.15% 11.99%
Balance Transfer Fee 0%
4%
3%
5%
3%
0%
4%
3%
5%
5%
October 22
Tustin
Don’t miss out on a great
deal on your next car!
If you’re looking to buy, now is the
perfect time—and we’re here to
help. Join us at one of our upcoming
Enterprise Used Car Sales Events
for low rates and a great selection.
Bank of
SchoolsFirst FCU America Chase
Cash Advance Fee
Our FastTrack auto-shopping and financing program makes it
easy to find the new or used car you want while getting fast,
on-site SchoolsFirst FCU financing. Simply visit one of more than
60 Orange County area FastTrack car dealerships, choose the
car that’s right for you, and finance on-site, on-the-spot, with us.
Enterprise Used
Car Sales Events
All rates quoted are APRs as of 09/14/2011. Bank rate sources available upon request.
November 12
Long Beach &
Riverside
Rates as of 09/14/11. Bank rate sources available upon request.
That fee used to be a percentage of the purchase price, and the
income was used to cover the cost of issuing cards and programs
to detect fraudulent transactions. But recent regulations have
forced all financial institutions to lower
those fees. While this is good news for
merchants, these new rules mean all
financial institutions will need a way to
make up for the lost income. As a result,
some banks have started charging up
to $5 in monthly debit card fees, and
more banks will probably follow with
annual or per transaction fees as well.
The shift has many people reconsidering their banking relationship.
Consumers are finding out what you already know—credit union
Rudy Hanley,
Members are more satisfied with their financial
institution and
President and CEO
enjoy lower and fewer fees—not to mention better
rates and earnings.
Lost revenue won’t end
with debit card fees.
In 2010, 64% of large banks offered
free checking. But in just a year, that
number has decreased to just 39% of
large banks.1 That’s compared to the 79% of credit unions
offering free checking in 2011. Smaller banks no longer offering
free accounts will likely begin charging the same $5 to $15 in
maintenance fees for basic accounts that the top 20 banks
are charging.2
Service and financial security are
Our commitment
has been,
the cornerstones
your credit union
and will always
be,
to
you.
was built on. From inception in
Although the recent
1934,legislation
which wasthat
not has
the other
best time
banks levying fees
will
affect
us
too,
at
this time
for financial service providers,
ourwe
have no plans toguiding
follow other
financial
light has
been toinstitutions
provide
by raising fees, and we will always do what’s in the
superior service and help our
best interest of our Membership. As a credit union,
Members be financially secure while
we’re a not-for-profit organization and use earnings
making sure the Credit Union also
to benefit all Members by providing competitive
remained strong and secure.
savings and loan rates, and lower costs for services.
The world
has changed
a lot since
Share the Credit
Union
Difference
1934, and then perhaps not all
We realize you have a lot of banking choices, and
that much; but regardless, we
we thank you for choosing SchoolsFirst FCU. If you have family
members or school colleagueshave
who remained
are payingcommitted
more in feesto our
founders’
principles.
Products,
with their existing bank, invite them to come bank with
us and
services, operations, regulations,
they’ll thank you, too!
Members’ needs, and so much more
have become more complex and
1. “Bank accounts: Get a fair shake, not a shake-down,” http://money.cnn.com/2011/08/31/pf/bank_accounts.moneymag/index.htm. Accessed 09/06/2011
challenging, but I’m happy to report
2. “9 most annoying bank fees,” CNN Money, money.cnn.com. Accessed 09/06/2011
that with your participation and
support, we have been able to remain
financially solid.
Get Moving With A Partner
The declining demand for loans,
That Pays Back
combined with unprecedented low
investment rates and the dividend
SchoolsFirst FCU Tustin Administrative Office
15442 Newport Ave., Tustin, CA 92780
9 a.m. to 3 p.m.
Long Beach Enterprise Used Car Dealership
3384 Cherry Ave., Long Beach, CA 90807
9 a.m. to 3 p.m.
Riverside Enterprise Used Car Dealership
7807 Indiana Ave., Riverside, CA 92504
9 a.m. to 3 p.m.
Get
$1,000
over Kelly
Blue Book® on
your trade-in.3
Southern California new and existing home sales have declined in the past year—and so have
rate we can pay on your savings have
home prices.* With still-historically low mortgage rates, now may be the perfect time to change your
impacted us, but our conservative
address. And having a professional represent your interests in a real estate transaction can save you
practices,
along
time, give you peace of mind, and often save you money. Our new
partner,
Firstwith
Teamyour
Realpatronage,
Estate,
have
helped
us
maintain
a
solid
delivers expertise and personalized service to help Members find their next home or sell their current
capital
baseclosing
and earnings
that 7ensure
residence. Plus, you get 20% of the broker’s commission back
on your
statement.
the long-term viability and success of
your Credit Union.
An Agent on Your Side
By registering with one of our experienced First Team Real Estate professionals before you begin the
home buying process, you’ll have a partner you can count on to:We thank you, and with your
•Find a property that best fits your needs.
participation
in allbehalf.
services, but
• Negotiate
terms on your
•Help you analyze and select neighborhoods.
• Review pricing trends.
especially loans, we can fulfill our
founders’ dream and meet our
•Deliver access to all homes for sale
• Offer guidance on mortgages, insurance,
Members’
financial
in Southern California. warranties,
inspection,
and needs
repairs.now and in
the years ahead.
To take advantage of this program, call one of our real estate loan consultants
today at 800.462.8328, ext. 8236.
* “Home sales in region still sagging,” Press Enterprise, 08/15/2011
3
Members-only Rates Free Still Means Free at Your Credit Union
Car buying tips
Beat the Competition
to help you
Did you know every time a consumer swipes a debit card to make
a purchase, banks charge the merchant a fee for using that service?
get the car you want
As a SchoolsFirst FCU Member,
you have access to low rates and fees.
As the car model year comes to a close, dealerships will
once again look to end the year strong and make space for
new-year models. However, the process of smart car buying
remains the same no matter what the shopping conditions.
Here are three tips to help you negotiate the best price on
your new set of wheels:
Auto Loan or Refinance
Whether you’re purchasing a new or used car, or looking to refinance
your existing car loan from another lender, SchoolsFirst FCU delivers
competitive rates and promises a simple funding process.
New Cars 1
1. Before hitting the lot, look into current incentives and
rebates for the makes and models you’re considering.
And be flexible: you may find better deals on other makes
and models that still offer what you’re looking for in a car.
36
48
60
72
SchoolsFirst FCU
2.99%
2.99%
2.99%
3.24%
Bank Average
3.39%
3.69%
3.91%
4.55%
36
48
60
72
1
Used Cars 2.Next, make sure you know the true market value of the
car you want to buy and your trade-in (if applicable).
SchoolsFirst FCU
2.99%
3.24%
3.24%
3.65%
Bank Average
3.54%
3.84%
4.06%
4.76%
3.Finally, prearrange your financing, so you’ll know how
much you can spend. Better yet, get a convenience check
good up to the amount of your loan and you’ll gain the
negotiating power of a cash buyer.
Need help narrowing down your options?
Credit Card
If you’d like help sorting through the options, SchoolsFirst FCU
can pair you with the car-buying pros at AutoNation Direct.
They offer personalized service to ensure you get the car you
want at the best available market price. You’ll also get ongoing
service discounts and a money-back guarantee.
Ready to make a deal?
Our low-rate, Low to No Fee Visa® offers zero-liability fraud protection,
purchase protection, travel and emergency assistance, auto rental
insurance and more.
2
8.50% 2
APR
Wells
Fargo Citibank
10.99% 11.99% 10.15% 11.99%
Balance Transfer Fee 0%
4%
3%
5%
3%
0%
4%
3%
5%
5%
October 22
Tustin
Don’t miss out on a great
deal on your next car!
If you’re looking to buy, now is the
perfect time—and we’re here to
help. Join us at one of our upcoming
Enterprise Used Car Sales Events
for low rates and a great selection.
Bank of
SchoolsFirst FCU America Chase
Cash Advance Fee
Our FastTrack auto-shopping and financing program makes it
easy to find the new or used car you want while getting fast,
on-site SchoolsFirst FCU financing. Simply visit one of more than
60 Orange County area FastTrack car dealerships, choose the
car that’s right for you, and finance on-site, on-the-spot, with us.
Enterprise Used
Car Sales Events
All rates quoted are APRs as of 09/14/2011. Bank rate sources available upon request.
November 12
Long Beach &
Riverside
Rates as of 09/14/11. Bank rate sources available upon request.
SchoolsFirst FCU Tustin Administrative Office
15442 Newport Ave., Tustin, CA 92780
9 a.m. to 3 p.m.
Long Beach Enterprise Used Car Dealership
3384 Cherry Ave., Long Beach, CA 90807
9 a.m. to 3 p.m.
Riverside Enterprise Used Car Dealership
7807 Indiana Ave., Riverside, CA 92504
9 a.m. to 3 p.m.
Get
$1,000
over Kelly
Blue Book® on
your trade-in.3
That fee used to be a percentage of the purchase price, and the
income was used to cover the cost of issuing cards and programs
to detect fraudulent transactions. But recent regulations have
forced all financial institutions to lower
those fees. While this is good news for
merchants, these new rules mean all
financial institutions will need a way to
make up for the lost income. As a result,
some banks have started charging up
to $5 in monthly debit card fees, and
more banks will probably follow with
annual or per transaction fees as well.
Monthly Service Fee
The shift has many people reconsidering their banking relationship.
Consumers are finding out what you already know—credit union
Members are more satisfied with their financial institution and
enjoy lower and fewer fees—not to mention better
rates and earnings.
Our commitment has been,
and will always be, to you.
Although the recent legislation that has other
banks levying fees will affect us too, at this time we
have no plans to follow other financial institutions
by raising fees, and we will always do what’s in the
best interest of our Membership. As a credit union,
we’re a not-for-profit organization and use earnings
to benefit all Members by providing competitive
savings and loan rates, and lower costs for services.
Lost revenue won’t end
with debit card fees.
In 2010, 64% of large banks offered
free checking. But in just a year, that
number has decreased to just 39% of
large banks.1 That’s compared to the 79% of credit unions
offering free checking in 2011. Smaller banks no longer offering
free accounts will likely begin charging the same $5 to $15 in
maintenance fees for basic accounts that the top 20 banks
are charging.2
See How We Compare
Share the Credit Union Difference
$0
SchoolsFirst FCU
$10 4
Chase
$12 5
Bank of America
$5 6
Wells Fargo
Free Checking
Total CheckingSM
My Access Checking®
ValueSM Checking
You Won’t Pay Any Fees
For These Services
•Cashing in your coins with
the automatic coin counter
•Talking to a human representative
•Losing your debit card8
We realize you have a lot of banking choices, and
we thank you for choosing SchoolsFirst FCU. If you have family
members or school colleagues who are paying more in fees
with their existing bank, invite them to come bank with us and
they’ll thank you, too!
•Getting a paper statement
•Online Bill Payment
•Receiving money via wire transfer
1. “Bank accounts: Get a fair shake, not a shake-down,” http://money.cnn.com/2011/08/31/pf/bank_accounts.moneymag/index.htm. Accessed 09/06/2011
2. “9 most annoying bank fees,” CNN Money, money.cnn.com. Accessed 09/06/2011
Get Moving With A Partner
That Pays Back
Home Buying
Southern California new and existing home sales have declined in the past year—and so have
home prices.* With still-historically low mortgage rates, now may be the perfect time to change your
address. And having a professional represent your interests in a real estate transaction can save you
time, give you peace of mind, and often save you money. Our new partner, First Team Real Estate,
delivers expertise and personalized service to help Members find their next home or sell their current
residence. Plus, you get 20% of the broker’s commission back on your closing statement.7
An Agent on Your Side
By registering with one of our experienced First Team Real Estate professionals before you begin the
home buying process, you’ll have a partner you can count on to:
•Find a property that best fits your needs.
• Negotiate terms on your behalf.
•Help you analyze and select neighborhoods.
• Review pricing trends.
•Deliver access to all homes for sale
• Offer guidance on mortgages, insurance,
in Southern California. warranties, inspection, and repairs.
To take advantage of this program, call one of our real estate loan consultants
today at 800.462.8328, ext. 8236.
* “Home sales in region still sagging,” Press Enterprise, 08/15/2011
3
Workshop
Wednesday,
October 26
6:30 to 8 p.m.
SchoolsFirst FCU
Tustin Administrative Office
15442 Newport Ave.
Tustin, CA 92780
Whether you’re buying your first
home and need to know what to
expect, or you’re refinancing and
want to understand your options,
our home buying workshops can
answer your questions.
REAL member, real savings
“I could have been
paying that other
lender for 20 more
years. When the
credit union told me
my payments would
go down and the loan
would be off my back
in two years, it
was a great relief.”
A few years ago, when his two children were still in high school, Member
Robert McKee found himself without a job and in need of funds to sustain
his family. He took out a loan from a local payday lender and dutifully began
paying the bill each month. After three years of payments, a new job at a
local college, and a new Membership at SchoolsFirst FCU, Robert felt he
was ready to pay off his loan once and for all. However, he was shocked
when he discovered he still owed more than he originally borrowed.
“At the time I took out the loan, I wasn’t concerned about the 56% interest
rate,” he says. “I had no family in California, bills were piling up, and I just
needed money for my kids to go to school—I didn’t realize I wasn’t getting
anywhere with those payments.”
Robert McKee,
Member since 2005
Lead Custodian, Irvine Valley College
Branch News
Rancho Santa Margarita branch
is moving! Come visit us at our
new address beginning
Monday, November 7.
New Glendale Office! We recently
opened a first-of-its-kind Loan and
Service Center at the Glendale Unified
School District office. This unique
branch is open to all Members and
offers many of the same services as
our Express Centers.
Visit schoolsfirstfcu.org
for branch hours, locations
and available services.
Holiday Notice
All SchoolsFirst FCU
locations will be closed
in observance of the
following holidays:
Monday, Oct. 10
Columbus Day
Robert turned to SchoolsFirst FCU for help. We offered him a Personal
Loan that allowed him to pay off the debt in two years at a lower interest
rate which saved him thousands of dollars.
Teachers: Inspire
Your Students With
A $5,000 Education
Foundation Grant
New Features Added to
Mobile Banking
Create fun, engaging, and innovative
programs for your students using an
Education Foundation grant. Each year,
the Education Foundation for Orange
County Schools awards several $1,000
and $5,000 grants to local teachers to
help build programs that inspire
students to excel in core subjects. If
you’re a K-14 public or private school
teacher in Orange County, apply online
at oceducationfoundation.org between
Oct. 1–Nov. 30.
We are excited to announce new enhancements to
Mobile and Text Banking that will be
available in November:
• Transfer to other Members.
• Use one phone to access more than one account.
• Make more than the minimum payment on your loans.
• Download our app in BlackBerry App World.
In addition, eAlerts will soon be available via email or
text. Get notified when your balance is low, your direct
deposit has been received, or your bill payments have
been made.
For more information, or to register for Mobile, visit
schoolsfirsfcu.org/mobile.
We’re Here For You
Go Online
schoolsfirstfcu.org
Mobile and Text Banking
schoolsfirstfcu.org/mobile
Call Us
800.462.8328
Facebook and Twitter
TellerPhone
800.540.4546
ATM Locations
Visit our Web site for a complete listing of SchoolsFirst FCU
and surcharge-free CO-OP Network ATMs, or simply
text* your address, intersection or ZIP Code to
692667 (MYCOOP) to find one near you on-the-spot.
* Data and text charges may apply. Check with your mobile provider.
Friday, Nov. 11
Veterans Day
Thursday, Nov. 24
Please recycle.
Thanksgiving
Saturday, Dec. 24
Christmas Eve
Branches close at noon
Express Centers close
at 1 p.m.
Monday, Dec. 26
Christmas Observed
Emergency Card Support
Available 365 days a year
from 5 a.m. to 12 a.m.
4
1. Our auto loan program features a range of rates based on various factors, including the applicant’s credit rating. Rates quoted are our best rates and reflect a 0.75% discount for automatic
payment transfer from your SchoolsFirst FCU account; your rate may differ. Rates as of 09/14/2011 are 2.99%–18% APR on new and used autos. Estimated monthly payments range from
$1.54–$3.62 per $100 borrowed. Maximum term based on various factors. 2. Our credit card program features a range of rates based on a variety of factors, including the applicant’s credit
rating. As of 09/14/2011 Gold and Platinum card rates range from 8.5%–17.9% APR; Rewards card also available with rates from 11.5%–17.9% APR and $25 annual fee which is waived the first
year. Rates are variable and subject to increase after account opening. Foreign transaction fee 2% of the transaction. 3. Trade-In values obtained from © 2011 Kelley Blue Book Co.’s website
KBB.com. Blue Book Trade-In Value is based on accurate condition rating and mileage of vehicle. Accurately appraising the condition of the vehicle is an important aspect of determining its
Blue Book Trade-In Value. If a Blue Book Trade-In value is not available for your vehicle Enterprise will provide a fair and competitive value for customer’s vehicle. Additional trade-in value of
$1,000 is available only on passenger vehicles and light duty trucks, with a Blue Book Trade-In Value and when a vehicle is purchased from Enterprise. Customer is responsible to any extent
vehicle pay-off exceeds Enterprise offer. Customer must provide required proof of ownership/registration and all other necessary paperwork to transfer title. Offer only valid on one trade-in for
each Enterprise vehicle purchase. Restrictions apply. For details, see an Enterprise Car Sales Manager. Offer void where prohibited including Alaska, Louisiana, Oregon, South Carolina, Texas
and Wisconsin. Offer valid 10/22/11 and 11/12/11 only. 4. Monthly service fee waived if you have direct deposits totaling $500 or more made to this account OR with a $1,500 minimum daily
balance OR with an average daily balance of $5,000 or more in linked deposits/investments. 5. Monthly service fee waived if you make at least one qualifying direct deposit of $250 or more
each statement period OR maintain an average balance of $1,500. 6. Monthly service fee waived when you do ONE of the following: sign up for Direct Deposit OR maintain an average daily
balance of $1,500. 7. Rebate payment is made by the Real Estate Agent Rebate Program administrator (First Team Real Estate or 1-2-3 HomeKeys) and is credited to your benefit at the close
of transaction. Program administrator is not affiliated with SchoolsFirst FCU. Ask for details. 8. Debit cards are replaced fee-free the first three times the card is lost or stolen.